fbpx
QQQ
-0.94
327.30
-0.29%
DIA
-1.94
313.81
-0.62%
SPY
-1.33
385.48
-0.35%
TLT
+ 0.49
150.90
+ 0.32%
GLD
-1.39
176.67
-0.79%

Supreme Cannabis Acquires Blissco Cannabis In $36.6M Deal

May 16, 2019 4:40 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Supreme Cannabis Acquires Blissco Cannabis In $36.6M Deal

Supreme Cannabis Company Inc (OTC:SPRWF) on Thursday reached an agreement to acquire Blissco Cannabis Corp. (OTC:HSTRF) in an all-stock deal worth C$48 million ($35.65 million USD).

What Happened

Under the terms of the agreement, shareholders of Blissco will be offered 0.24 shares of Supreme Cannabis Company for each share they hold.
The deal was approved by the boards of directors of both companies.

In addition, Supreme managed to secure irrevocable hard lock-ups from Blissco around 52 percent of shareholders, including the company’s CEO Damian Kettlewell who owns 10 percent of the outstanding stock, to support the sale of Blissco.

Why It's Important

Blissco, which positions itself as a premium wellness cannabis brand, will join Supreme Cannabis’ portfolio of brands and will operate as Supreme’s health and wellness business.

Kattlewell will continue to head the company, but as part of Supreme’s team and will benefit from the buyer’s expertise, infrastructure and access to capital. He will also retain at least 75 percent of his shares for a minimum of two years.

The acquisition will give Supreme Cannabis Company access to Blissco’s 18,000 square foot production facility in Langley, British Columbia. Blissco has already completed the phase 1 of construction of a cannabis oil extraction lab and has been manufacturing cannabis oils since it obtained its license last August.

Related Links:

How The African Cannabis Market Could Reach $7.1B By 2023

Aurora Cannabis Reports $48.4M In Q3 Sales, Projects Positive EBITDA By Year's End

Posted-In:

Cannabis News M&A Markets

Related Articles

Cannabis Stock Gainers And Losers From January 8, 2021

GAINERS: BioHarvest Sciences (OTC: CNVCF) shares closed up 34.88% at $0.29 read more

Cannabis Stock Gainers And Losers From December 28, 2020

Gainers: Cansortium (OTC: CNTMF) shares closed up 30.27% at $0.73 read more

Cannabis Stock Gainers And Losers From December 17, 2020

GAINERS: The Flowr (PINK: FLWPF) shares closed up 19.23% at $0.31 read more

Cannabis Stock Gainers And Losers From December 16, 2020

GAINERS: MariMed (OTCQX: MRMD) shares closed up 18.73% at $0.43 read more